Dutch pension fund kicks OCP over Western Sahara
Article image
Morocco's state-owned phosphate company, responsible for the illegal exploitation of Western Sahara's phosphate reserves, was ditched over human rights issues in Western Sahara.
Published 02 February 2016


In April 2014, Morocco's state owned phosphate company, Office Chérifien des Phosphates (OCP), was allowed onto the Irish Stock Exchange, with an inaugural bond issue of 1.55 billion US dollars. Two coupons are available; a 10 year coupon at a rate of 5.625% and a 30 year coupon at 6.875%.

The Dutch pension fund for graphic designers PGB has excluded OCP from its portfolios in the fall of 2015, for "human rights violations in Western Sahara".

Ever since Morocco invaded Western Sahara in 1975, OCP took over the management of the territory's phosphate mines at Bou Craa. The UN Security Council's legal department concluded in 2002 that the exploitation and exploration of the mineral reserves of Western Sahara are a violation of international law if not undertaken in accordance with the benefits and the wishes of the Saharawi people - the rightful owners of the resources.

For years, Saharawis have been protesting against the illegal trade in phosphates mined in their occupied homeland. In recent months, an upsurge in protests could be witnessed in the occupied parts of Western Sahara, mainly targeted against OCP. Saharawis are frustrated that jobs created through the exploitation of their resources are overwhelmingly given to Moroccan settlers. They demand their right to employment, and - as banners at protests state -"fair share of our own wealth". The Moroccan regime deals with these protests as it deals with any form of dissent; with brutal force.

For decades, Morocco has sold off Western Sahara's highly lucrative phosphate rock as if it was entitled to do so. The revenues have been poured back into the costly occupation of Western Sahara.

OCP's affairs at the Irish Stock Exchange are managed by Barclays, Morgan Stanley and JP Morgan; multinational financial services corporations based in the UK and USA.

EU pushes secretive Morocco trade deal covering Western Sahara

As EU ambassadors give their green light to a new Morocco trade deal, the public is still denied access to the very agreement they are voting on - a striking case of secrecy in Brussels.

01 October 2025

"A declaration of war" - new EU agreement reactions

A wave of reactions is rippling across Europe following the news that the EU is moving ahead with a new trade agreement in occupied Western Sahara. The vote is scheduled for tomorrow.

30 September 2025

Commission Pushes EU-Morocco Trade Deal, Ignoring Democratic Processes and Saharawi Rights

WSRW can today reveal a leaked EU document showing plans to continue trading with products from occupied Western Sahara, in direct violation of earlier rulings by the EU Court of Justice. A vote will take place this Wednesday. 

29 September 2025

Morocco’s thirst for water quenched by Western Sahara winds

Water pouring out of Moroccan faucets is soon powered by energy stolen from occupied Western Sahara.

18 September 2025